Fullshare Holdings Limited 豐盛控股有限公司

The Huarong-CMB network: 26 stocks not to own
In our first circuit diagram since the infamous Enigma Network, we examine the overlapping networks, bubbles and funding surrounding 26 HK-listed companies that your portfolio would probably do better without. (19-Oct-2018)

Holdings in Fullshare (0607) via Shanghai Connect
Nice work by Glaucus Research today in a thorough analysis of the bubble in Fullshare, which also relates to a bubble in Zall (2098) because of their cross-holdings. Webb-site called these bubbles on 5-Aug-2016, and this chart suggests that accumulation of Fullshare by persons on the Southbound train may have propped it up. (25-Apr-2017)

Topsearch (2323) sinks HK$340m into Huarong fund to buy HK$2.23bn of shares in Fullshare (0607)
Company announcement, 23-Dec-2016
Announced late on the last working day before Christmas. The General Partner is owned by China Huarong Asset Management (2799). The current Fullshare price (or is that, "full share-price") is $3.43, implying a target of about 650m shares, or 3.3% of Fullshare. The other 3 limited partners in the fund are not named. 2 LPs rank ahead of Topsearch for capital and a coupon of 7.5-8% p.a., then Topsearch for its capital, then LP4 for its capital, then anything left is split between Topsearch and LP4. So this is a leveraged bet on Fullshare.

Zall (2098) coughs up details of financial assets at 30-Jun-2016
Company announcement, 14-Nov-2016
This follows a complaint by Webb-site to HKEX on 28-Oct-2016. Zall held, as we suspected, 4.3% of Fullshare (607). Fullshare, as we already knew, holds over 8% of Zall. Both stocks are huge bubbles, in our view. The SFC issued a concentration warning in Zall in mid-2014, but has not issued one in Fullshare.

MMT finds no insider dealing in Warderly shares
SFC, 5-Aug-2016
We don't disagree with the finding, but we annotate errors in the report regarding the outcome of an open offer. The MMT finds that when the duo sold shares in 2007, the information was no longer material, as the company was publicly known to be in difficulty and the stock was trading on its shell potential. Also, the alleged loss avoided becomes a profit avoided if the open offer had been taken up. Incidentally, Warderly is now known as Fullshare (0607) and in our view it is a bubble stock on 9x NAV, part of which is shares in another bubble stock, Zall (2098) which trades around 4x NAV.

SFC bans Andy Pau Chin Hung for 10 years
SFC, 7-May-2013
The obvious question: which former Chairman of which listed company was Mr Pau helping to dump shares? A 5% commission for secrecy and about $22m of shares were involved. Update: on 10-May the ICAC announced Pau's increased sentence for bribery. The listed company was Warderly (0607). It does not name the former Chairman, Yeung Kui Wong, but a middle-man, Derrick Luu Hung Viet. Disclosures show that Yeung sold 30m shares @$0.415 to Luu on 21-Mar-2007 and 20m shares off-market on 16-Apr-2007 @$0.455.

Toxic IPOs in HK
In this epic article, we take you through the IPOs of at least 14 listed companies, 3 of which have already led to criminal charges. We explain the inter-relationships between the companies, sponsors, lead managers, auditors and the INEDs. Before you buy another IPO, stop and read this article. (21-Mar-2005)